AFG Q2 Revenue Beats by $300M, Premiums Grow 6%
AFG sits 15% above its 52-week low of $122.735.
Summary
American Financial Group posted Q2 revenue of $2.03 billion, beating the consensus estimate by $300 million. Net written premiums grew 6%, driven by new business and favorable renewal rates, while net investment income jumped 23% on higher alternative investment yields. The company also repurchased $26 million of stock and expects a $125 million pretax gain from an asset sale in Q3. Additionally, the company revealed a climb in its Q2 bottom line.
At the time of this announcement, AFG was trading at $141.55 on NYSE in the Finance sector, with a market capitalization of approximately $11.7B. The 52-week trading range was $122.74 to $150.02. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.